The Goldman Sachs Group Forecasts Strong Price Appreciation for Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics (NASDAQ:ARQT) had its price target upped by research analysts at The Goldman Sachs Group from $13.00 to $15.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 14.29% from the company’s current price.

A number of other brokerages also recently commented on ARQT. HC Wainwright restated a “buy” rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Wednesday. Mizuho increased their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a report on Wednesday. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Arcutis Biotherapeutics in a research report on Wednesday. Finally, Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Arcutis Biotherapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Arcutis Biotherapeutics Stock Performance

NASDAQ:ARQT traded down $0.10 during mid-day trading on Thursday, reaching $13.13. 438,304 shares of the stock were exchanged, compared to its average volume of 2,153,503. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $1.54 billion, a P/E ratio of -7.33 and a beta of 1.29. The company has a 50 day simple moving average of $13.58 and a 200-day simple moving average of $11.42. Arcutis Biotherapeutics has a 1 year low of $6.99 and a 1 year high of $16.20.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The firm had revenue of $71.36 million during the quarter, compared to the consensus estimate of $60.52 million. Analysts anticipate that Arcutis Biotherapeutics will post -1.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.67, for a total transaction of $146,700.00. Following the completion of the transaction, the director now owns 151,944 shares of the company’s stock, valued at $2,229,018.48. The trade was a 6.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Todd Franklin Watanabe sold 15,000 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $15.17, for a total transaction of $227,550.00. Following the completion of the sale, the insider now directly owns 823,430 shares in the company, valued at $12,491,433.10. This trade represents a 1.79 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,029 shares of company stock valued at $756,017. Corporate insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of large investors have recently bought and sold shares of ARQT. Jennison Associates LLC raised its holdings in shares of Arcutis Biotherapeutics by 5.8% in the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock worth $171,893,000 after acquiring an additional 676,295 shares during the last quarter. Suvretta Capital Management LLC raised its stake in Arcutis Biotherapeutics by 6.3% in the 4th quarter. Suvretta Capital Management LLC now owns 11,399,138 shares of the company’s stock valued at $158,790,000 after purchasing an additional 677,627 shares during the last quarter. Rubric Capital Management LP lifted its holdings in Arcutis Biotherapeutics by 11.7% in the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after purchasing an additional 1,150,000 shares in the last quarter. Polar Capital Holdings Plc boosted its stake in shares of Arcutis Biotherapeutics by 7.2% during the 4th quarter. Polar Capital Holdings Plc now owns 7,377,381 shares of the company’s stock worth $102,767,000 after purchasing an additional 493,009 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Arcutis Biotherapeutics by 9.9% during the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after buying an additional 506,788 shares in the last quarter.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.